Federal Banking Regulatory Reform
Banking regulations can have a huge impact on the financial services options available to low-wealth communities and communities of color. Woodstock Institute educates community groups on regulatory issues and regularly comments on pending regulatory proposals.
This policy brief looks at the Consumer Financial Protection Bureau’s (CFPB) online consumer complaint database and compares Illinois complaints by issue and product with the national complaint data. Using data from the CFPB’s July 2013 report and Illinois complaint data from June of 2011 through August 15, 2013, this brief looks at how consumers submitted complaints to the CFPB, which financial products received the most complaints, what the biggest issues were under each broad category of complaint, and which financial institutions received the most complaints.
Chicagoans had an opportunity last week to voice their concerns about different types of consumer credit to the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray.
We have a unique opportunity to tell the Consumer Financial Protection Bureau (CFPB) our concerns at a hearing CFPB will hold in Chicago on October 2.
On the surface, the Consumer Mortgage Choice Act (HR.1077/S.949) sounds like legislation that would be good for consumers. In actuality, it poses some serious threats to mortgage protections recently put in place by the Consumer Financial Protection Bureau (CFPB).
Yesterday I celebrated my first five years with Woodstock Institute. When I joined Woodstock as president in 2008, the financial crisis was just getting into full swing and the future was quite uncertain.
Consumer Financial Protection Bureau (CFPB) acting deputy director Steve Antonakes made a strong case yesterday before the House Financial Services Committee in support of the regulator’s data collection and analysis efforts.
A battle for the future of the Consumer Financial Protection Bureau is gearing up in the Senate this week.
Leading financial justice organizations from four key states today called on federal and state regulators to ban all types of payday lending. The organizations, from California, Illinois, New York, and North Carolina, released a report highlighting the need for strong state and federal laws and filed detailed comment letters with federal regulators urging strong action to end payday lending by banks.
This comment letter supports proposed guidance from the OCC and FDIC regarding bank deposit advance products, which are functionally equivalent to payday loans. The letter also recommends that the OCC and FDIC institute an annual percentage rate cap, require APR disclosure, prevent mandatory automatic repayment, and strongly enforce the guidance.
Senate Majority Leader Harry Reid announced plans to hold a vote on Consumer Financial Protection Bureau (CFPB) director Richard Cordray’s confirmation. It’s no surprise that some Senators—including Illinois’ Mark Kirk—are threatening to filibuster the vote. The vote to overcome the filibuster will happen tomorrow.
The Consumer Financial Protection Bureau (CFPB) recently released information that makes it easier for the public to detect worrisome practices in financial services and assess whether financial institutions are adequately serving consumers.
CHICAGO—Proposed new guidance released today by two of the federal banking regulators could put an end to the worst practices of payday lending by banks. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed standards that the banks they regulate would have to comply with regarding what they call “deposit advance” features on bank accounts and reloadable prepaid cards.
This fact sheet outlines Woodstock Institute's concerns with Capital One's proposed acquisition of ING Direct. These concerns include the institutions' unsatisfactory records of meeting community needs and potential for systemic risk.
As you may know, Capital One recently applied to regulators to acquire ING Direct. The deal would create the fifth-largest bank in the country and raises substantial concerns about how the deal would impact communities.